Democracies must ensure
cryptocurrencies avoid
wrong hands; says Modi

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NEW DELHI: Prime Minister Narendra Modi on Thursday urged democracies around the world to ensure that crypto-currencies or bitcoin do not end up in the wrong hands and spoil the youth.
Delivering a keynote address at The Sydney Dialogue, PM Modi said that it is essential for democracies to work together to create standards and norms for data governance. “It should also recognise national rights and, at the same time, promote trade, investment and the larger public good,” he said.
“Take crypto-currency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth,” PM Modi added.
Last week, PM Modi had chaired a comprehensive meeting on the way forward for cryptocurrency and related issues. At the meet, discussions were held on the unregulated crypto currencies and how they cannot be allowed for money laundering and terror financing, government sources said.

NEW DELHI: Prime Minister Narendra Modi speaks at a symposium to ‘Build Synergy for Seamless Credit Flow and Economic Growth’, in New Delhi on Thursday. (ANI Photo)

The meeting was held after a consultative process done by the Reserve Bank of India, the Union Finance Ministry, and the Ministry of Home Affairs (MHA) in which global and Indian experts were consulted and global examples and best practices studied.
According to sources, the government strongly feels that attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped.
It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing. Sources said that the government is cognizant of the fact that this is an evolving technology hence it will keep a close watch and take proactive steps.
There was consensus also that the steps taken in this field by the Government will be progressive and forward-looking. The government will continue to pro-actively engage with the experts and other stakeholders.

Banking sector in milestone phase

Underlining the reforms made by the Centre to improve the financial health of banks, Prime Minister Narendra Modi on Thursday said the banking sector of India is currently in a major milestone phase that can give a great push to the country’s economy.
Addressing the concluding session of the conference on “Creating Synergies for Seamless Credit Flow and Economic Growth” Prime Minister Modi said, “The reforms made by the government in the banking sector in the last 6-7 years led the banking sector of the country towards a very strong position today. The financial health of banks is now in a much-improved condition. We brought reforms like IBC, reformed many laws, empowered Debt recovery tribunal.” He said a dedicated Stressed Asset Management Vertical was also formed in the country during the COVID period.

NEW DELHI: Prime Minister Narendra Modi addresses during Global Innovation Summit of Pharmaceuticals sector via video conferencing, in New Delhi on Thursday. (ANI Photo)

“We have found ways to solve problems and challenges that were there before 2014. We addressed the problem of Non-Performing Assets (NPA). We recapitalized the banks and increased their strength. Today the capacity of the banks of India has increased so much that they can play a great role in giving new energy and a great push to the economy of the country and making it self-reliant. I consider this phase as a major milestone in the banking sector of India,” he added.
The Prime Minister further said banks should adopt the model of partnership leaving the traditional approver-applicant system.
The two-day conference is being organised by the Ministry of Finance from November 17. The conference has been attended by top officials from Ministries, Banks, Financial institutions and Industry representatives.

Urges banks to adopt model of partnership

Highlighting the banking sector’s role in energizing India’s economy, Prime Minister Narendra Modi on Thursday urged banks to adopt the model of partnership and to leave the traditional approver-applicant system.
PM Modi on Thursday participated at the conference on “Creating Synergies for Seamless Credit Flow and Economic Growth”. Addressing the concluding session, Prime Minister Modi said, “Banks should adopt the model of partnership leaving the traditional approver-applicant system. Today the capacity of the banks of India has increased so much that they can play a great role in giving new energy and a great push to the economy of the country and making it self-reliant. I consider this phase as a major milestone in the banking sector of India.”
He emphasized that the banking sector must take advantage of the big reforms and schemes as well as the big pool of data that has been created in the country.
“The scale at which corporates and start-ups are coming forward today is unprecedented. In such a situation, what can be a better time to strengthen, fund, invest in India’s aspirations? Today, when the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens,” Prime Minister emphasised.
Referring to a banking sector research he said that it has come to the fore that states with more Jan Dhan accounts have relatively lower crime rates.
Mentioning the Production-Linked Incentive (PLI) scheme Prime Minister said the manufacturers should increase their capacity manifold in order to transform themselves into a global company.
Underlining the reforms made by the centre to improve the financial health of banks, Prime Minister said, “Reforms brought in by the government in the banking sector and support to the sector in every way in the last 6-7 years have led to the country’s banking sector being in a very strong position today. Banks’ financial health is in a much better position now.”
“We found roads to solution for all issues before 2014. We addressed the NPAs issue, recapitalised banks, enhanced their strength, brought reforms like IBC, reformed laws, strengthened Debt Recovery Tribunal. When someone runs away with bank loans, it is discussed a lot. But when a daring government brings them back, nobody discusses it. More than Rs 5 lakh crores have been recovered out of the lakhs and crores of Rupees that were struck during the previous government’s regime,” he stated.
The two-day conference is being organised by the Ministry of Finance from November 17. The conference has been attended by top officials from Ministries, Banks, Financial institutions and Industry representatives. (ANI)